民生证券观点认为，比亚迪针对高端市场形成云辇技术、易四方技术、Dm-o（面向越野的混动平台） 等底盘、智能化控制技术，通过技术赋能高端品牌，构筑品牌溢价。该机构看好公司技术驱动产品力与 品牌力向上，同时强化营销赋能，腾势、方程豹、仰望三箭齐发。 9月美联储降息预期显著升温，全球流动性边际改善有望外溢至港股，高成长、高弹性的港股科技板块 或率先受益。当前恒生科技指数仍处于历史相对低估区间，其对中美利差转向的敏感度更高，更能深度 受益于宽松的海外流动性环境。同时，恒生科技前期相对A股科技板块表现偏弱，在流动性叙事的改善 下，其向上动能或更为强劲，有望迎来"补涨"行情"。没有港股通账户的投资者或可通过恒生科技指数 ETF（513180）一键布局中国AI核心资产。（场外联接A/C：013402/013403） 消息面上，第二十八届成都国际汽车展览会将于8月29日至9月7日举办。据悉，比亚迪已连续两年"独 占"9号馆，今年将携王朝、海洋、方程豹、腾势、仰望等品牌产品亮相。近期，比亚迪官方宣布，8月 29日，2026款海豹07DM-i将在车展亮相，此外将举行秦L EV新款加推发布会。据悉，2026款比亚迪海 豹07DM- ...

8月25日，港股三大指数集体上涨。截至收盘，恒生指数涨1.94%，报25829.91点，创近四年新高；恒生 科技指数涨3.14%，报5825.09点；国企指数涨1.85%，报9248.00点。盘面上，汽车股、科技股涨幅居 前，地产股表现活跃。热点个股方面，蔚来涨超15%，阿里巴巴涨超5.5%，快手涨超5%，美团涨近 3.5%，腾讯控股涨近2.5%。热点ETF方面，恒生科技指数ETF（513180）大幅收涨4.2%。 【市场复盘】 港交所披露数据显示，8月25日共638只港股被沽空，总沽空金额为409.85亿港元。其中沽空金额超1亿 港元的个股有83只，腾讯控股、阿里巴巴、美团沽空金额位居前三，分别为31.72亿港元、24.95亿港 元、19.39亿港元。 【南向资金】 8月25日，南向资金净流出13.76亿港元；截至8月25日，今年以来南向资金累计净流入9554.50亿港元， 大幅超过去年全年净流入额。 【隔夜美股】 隔夜美股三大股指全线收跌，道指跌0.77%，标普500指数跌0.43%，纳指跌0.22%。默克跌超2%，安进 跌逾1%，领跌道指。万得美国科技七巨头指数涨0.26%，特斯拉涨近2%，谷歌涨超1% ...

Core Viewpoint - The article emphasizes the investment potential of the Hang Seng Technology Index, suggesting it is undervalued and poised for a rebound, particularly in the context of the ongoing AI wave and favorable industry news [2][3][6]. Market Performance - On August 25, global capital markets saw a broad increase, with the Shanghai Composite Index rising by 1.51%, the ChiNext Index up by 3%, and the Hang Seng Index gaining 1.94%. The Hang Seng Technology Index led the gains with a rise of 3.14%, and the Hang Seng Technology ETF (513180) surged by 4.2%, marking a year-to-date increase of 29.79% [1]. Valuation and Investment Strategy - Despite recent gains, the Hang Seng Technology Index is still considered "cheap," with a price-to-earnings ratio of 21.77, below the five-year average of 23.46, and a price-to-book ratio of 3.13 [6][7]. - Historical data indicates a clear alternating relationship between the ChiNext Index and the Hang Seng Technology Index, suggesting that the latter has significant room for upward movement, especially when the former reaches new highs [3][4]. Industry Catalysts - The domestic computing power sector has received multiple positive developments, including advancements in domestic chip technology and increased demand for AI capabilities. Notable companies like Huawei and Haiguang Information have made significant strides in chip performance and ecosystem development [7][8][9]. - The demand for domestically produced chips is expected to rise due to ongoing international supply chain risks, with companies like Xpeng Motors also signaling confidence in the market by announcing plans for L4 autonomous vehicles and increasing their stock holdings [10][11]. Composition of the Hang Seng Technology Index - The Hang Seng Technology Index includes major players in the semiconductor and smart driving sectors, with significant weightings in companies like SMIC, Hua Hong Semiconductor, and BYD, which collectively represent a substantial portion of the index [11][12]. Future Outlook - The article posits that the Hang Seng Technology Index is on the verge of a "high光时刻" (highlight moment) as China's tech industry continues to rise, suggesting that the current rebound may just be the beginning of a more significant upward trend [13].

美联储主席鲍威尔近日在杰克逊霍尔央行年会强调，尽管通胀风险依然存在，但就业市场的疲软正成为 政策权衡中的关键变量，为9月降息打开可能性。市场对此反应积极，9月降息预期快速升温。 中信证券预计美联储年内将连续降息三次。在此背景下，港股市场上对流动性敏感的科技、医药等板块 均有望受益于美联储降息预期带来的市场红利，今年以来持续火爆的恒生医药ETF（159892）也有望受 益。 来源：同壁财经 受益于美联储降息信号，今日互联网科技板块表现亮眼，恒生互联网ETF（513330）、恒生科技指数 ETF（513180）强势高开，盘中一度涨超3%；蔚来暴涨，万国数据、百度集团、阿里巴巴、金山云等 表现活跃。 美联储降息预期对港股互联网板块形成直接利好。作为离岸市场，港股对全球资金流向变化具备高度敏 感性，而宽松货币政策环境下市场流动性的边际改善将为港股市场注入增量资金。 ...

流动性改善前景下，多家机构看好恒生科技后续走势。招商证券观点认为，短期市场对美联储降息预期 兑现过程中改善美元流动性，叠加本地流动性压力缓解，前期相比A股滞涨的港股有望得到提振，看好 恒生科技、港股创新药的投资机会。该机构认为，当下市场正处于牛市阶段II，而这一阶段的特点是资 金驱动、赛道为王，建议下一阶段关注创新药，CXO，国产算力，机器人，国产AI Agent几大赛道。华 泰证券同样指出，恒生科技指数近期涨幅相对较小，海外流动性宽松+AI科技主题+部分公司业绩有望 形成一定共振，恒生科技或是弹性品种。 8月25日，港股三大指数高开高走，恒生指数盘中涨超2%创2021年来新高，恒生科技指数涨超3%。盘 面上，科网股全线上涨，有色金属板块走强，内房股普涨，新消费概念分化，汽车股多数上涨。近期热 度较高的恒生科技指数ETF（513180）跟随指数强势上扬，持仓股中，蔚来、阿里巴巴、百度集团、网 易、地平线机器人、联想集团等领涨，其中，蔚来午后一度涨超16%。截至发文，恒生科技指数ETF （513180）盘中成交额已突破75亿元。 鲍威尔罕见"放鸽"，美联储降息预期显著回温，海外流动性有望持续好转。截至发文，CM ...

东方证券指出，UE8M0 FP8是针对即将发布的下一代国产芯片设计，国产芯片有望得到大规模应用。 新一代的国产芯片纷纷开始支持FP8，包括沐曦690、芯原VIP9000、寒武纪690、摩尔线程 MUSA 3.1 GPU、海光深算三号等。该机构认为，随着国产AI芯片设计技术、制造工艺等方面的提升，且随着国 产大模型的持续发展以及对国产芯片的适配和支持，国产算力的市占率有望持续提升，国产芯片的行情 有望持续推进。 鲍威尔罕见"放鸽"，美联储降息预期显著回温，海外流动性有望持续好转。截至发文，CME FedWatch Tool显示9月议息会议降息25BP的概率超85%。在此背景下，港股市场尤其是科技板块有望迎来显著利 好。当前，恒生科技指数仍处于历史相对低估区间，其对中美利差转向的敏感度更高，因此更能深度受 益于海外流动性的宽松环境。同时，恒生科技指数以高弹性、高成长为核心特性，一旦市场环境改善， 其向上动能将更为强劲。没有港股通账户的投资者或可通过恒生科技指数ETF（513180）一键布局中国 AI核心资产。（场外联接A/C：013402/013403）。 8月25日早盘，港股三大指数集体高开，恒生科技指数涨幅一 ...

消息面上，美联储鲍威尔在Jackson Hole年会上作题为《货币政策与美联储评估框架》的演讲，表态偏 鸽，强调就业市场在供需走弱的脆弱平衡下面临的下行风险，释放了9月降息的信号；鲍威尔还公布了 联储修订后的货币政策框架，基本符合市场预期，主要是减少零利率下限的关注、回归灵活通胀目标 制、调整货币政策如何应对最大就业，并强调采取更为平衡的策略推进通胀与就业的双重目标等四方面 内容。 8月25日早盘，港股三大指数集体高开，恒生指数开盘涨1.06%，恒生科技指数涨1.49%。开盘后，A股 同赛道规模最大的恒生科技指数ETF（513180）一度涨超2.5%，持仓股中，蔚来、中芯国际、金蝶国 际、百度集团、阿里巴巴等涨幅居前，其中，蔚来一度大涨超14%。 鲍威尔罕见"放鸽"，美联储降息预期显著回温，海外流动性有望持续好转。截至发文，CME FedWatch Tool显示9月议息会议降息25BP的概率超85%。在此背景下，港股市场尤其是科技板块有望迎来显著利 好。当前，恒生科技指数仍处于历史相对低估区间，其对中美利差转向的敏感度更高，因此更能深度受 益于海外流动性的宽松环境。同时，恒生科技指数以高弹性、高成长为核心特性 ...

全球医药全产业链代表：恒生医药ETF（159892） 汇集中国AI科技概念公司：恒生互联网ETF（513330） 港股核心宽基：恒生ETF（159920） AI+平台经济：恒生科技指数ETF（513180） 网罗港股消费核心资产：港股消费ETF（513230） 8月22日，港股新消费概念股走强，名创优品涨超19%，小鹏汽车涨超11%，蔚来涨超7%。个股方面， 昨晚公布业绩的名创优品今日大涨，盘中一度涨超20%，报47.16港元，股价创今年1月以来新高。成分 股包含泡泡玛特、名创优品等港股潮玩龙头的港股消费ETF（513230），午盘保持强势，现涨近1.5%。 招商策略认为，展望后市，仍然对港股市场保持乐观态度。截至目前数据，港股中报盈利向好，业绩预 喜率创三年来新高，"新经济"含量更高的港股盈利或先于A股持续改善。在前几次牛市中港股指数高度 略逊于A股，所以在本轮配置时，建议聚焦与A股存在差异化的方向，节奏上建议先创新药（流动性宽 松+BD数据持续向好），再互联网（外卖大战拐点出现），最后新消费（宏观经济与盈利拐点出现）。 值得关注的标的： （文章来源：每日经济新闻） ...

Group 1 - The Hong Kong stock market opened lower on August 20, with the Hang Seng Technology Index down by 0.75%, and most tech stocks, including Kuaishou, Bilibili, Alibaba, and NetEase, experiencing significant declines [1] - As of August 19, southbound capital has recorded a net inflow of 958.81 billion HKD this year, significantly surpassing the total net inflow for the previous year, with expectations for the total to exceed 1.2 trillion HKD by year-end [1] - The Hang Seng Technology Index ETF (513180) saw a net inflow of approximately 389 million HKD on August 19, with a total net inflow of about 4.574 billion HKD over the last 20 trading days, indicating strong buying interest [1] Group 2 - The latest report from Guoyuan International indicates that the Hang Seng Index has broken through a key resistance level, suggesting stable market confidence, with potential policy support expected in the second half of the year [1] - The report recommends focusing on leading stocks in the new consumption and internet sectors, as well as innovative pharmaceutical industries that may benefit from policy guidance and improved external financing conditions [1] - Southbound capital has primarily flowed into core assets in artificial intelligence and new consumption sectors, reflecting the development trends of emerging industries and their scarcity, which may attract further investment [2] Group 3 - The Hang Seng Technology Index ETF (513180) includes 30 leading Hong Kong tech stocks, focusing on the AI industry chain, with major companies like Alibaba, Tencent, Meituan, SMIC, and BYD positioned as potential "seven giants" of Chinese tech [2] - Investors without a Hong Kong Stock Connect account can access Chinese AI core assets through the Hang Seng Technology Index ETF (513180) [2]

Group 1 - The Hong Kong stock market experienced a decline, with the Hang Seng Technology Index dropping nearly 1%, impacting major stocks like BYD Electronics, Xpeng Motors, and NIO [1] - Tencent Holdings resumed share buybacks, repurchasing HKD 550 million worth of shares on August 18, leading the market in buyback amounts this year, totaling HKD 40.593 billion [1] - According to China Merchants Securities, Tencent's core gaming business remains strong, with AI enhancements improving advertising and other business lines, while the e-commerce ecosystem is gradually improving [1] Group 2 - Southbound capital has seen a net inflow of over HKD 94 billion this year, primarily directed towards AI and new consumption sectors, indicating a trend towards emerging industries [2] - The Hang Seng Technology Index ETF (513180) includes 30 leading Hong Kong tech stocks, focusing on the AI industry chain, with companies like Alibaba, Tencent, and Meituan identified as potential "seven giants" of Chinese tech [2]